Global industrial developer giant Prologis is in talks to buy an increasingly rare major industrial development opportunity in Berkshire, CoStar News can reveal.
The 50-acre The Triangle site is located to the south of the A308 and has been formally allocated for employment uses and development as industrial in the South West Maidenhead Development Framework Supplementary Planning Document.
Carter Jonas is acting on behalf of the private landowners on a sale. Supply of large industrial sites has been limited in the Thames Valley as housebuilding has taken precedence, and Prologis will no doubt be considering plans for a large scheme in an area where prime industrial rents can reach close to £20 per square foot.
It is understood the site could house a 750,000-square-foot development. Market sources expect it to sell for close to £90 million.
A report from Haslams Surveyors this week found that the supply of industrial and distribution warehousing space in the adjoining greater Reading area is at its lowest level for close to a decade, and that is holding back business growth and forcing occupiers to look elsewhere.
Haslams finds the supply of industrial and warehouse property across the region is just 40 units, totalling 540,000 square feet, with limited new stock available. It says there is a potential “planning-ready” development pipeline of 350,000 square feet in the next 18 months. The five-year average has been 599,000 square feet of supply, way down from the 1.4 million square feet in 2010, Haslams reports.
Occupier take-up last year was 300,000 square feet, with the figures curtailed by a lack of supply. The five-year average for take-up is 492,066 square feet.
Carter Jonas declined to comment. Prologis did not respond to a request for comment.